November 27, 2013

Data Security Breaches: Truth and Consequences of How It Can Affect the Brand

There can be significant consequences when a company
experiences a breach in their data security. Every few months, the headlines
are filled with stories concerning security breaches of high profile companies
where sensitive, confidential customer information is exposed. Not only does
this cause a disruption to the company’s business, but it can ruin its
reputation if the situation is not handled properly.

For some companies, the data that is breached is often
nothing more than the username/password combination. While critical, once the
company realizes that a cyber-attack has occurred, they can immediately shut
down the entire system. For them, the accounts held nothing more than general
information.

However, some company servers that are breached hold
valuable, private information including Social Security numbers, details about
credit cards or other pertinent financial information. For them, even the
smallest security breach could produce significant ramifications and destroy
their reputation – leading to a crushing number of lawsuits.

So, exactly what is happening, and why are there so many
data security breaches at a high level? What could be done as a way to reduce
the potentials of a devastating security incident? If hackers can attack large corporations,
could the same thing happen to my company, and how devastating would that be?

It is important that every company understands the
potential threats from hackers interested in viewing, exposing or stealing
confidential data. Unfortunately, the headlines only report successful attacks
in cyberspace that have been detected. Most likely, there are thousands of
organizations that do not realize that attackers have already gained access
into their security systems, and probed and identified confidential
information.

Hackers Look for System
Vulnerabilities

The biggest challenge of the cyber-attack from the
hacker’s viewpoint is his or her ability to understand the company’s
vulnerabilities in their system. Through a variety of ways, they can
deliberately exploit the weakness without the company ever knowing it is being
done. Research indicates that well over seven out of 10 small companies that
have experienced some type of high-level security breach will close their doors
forever within the first 12 months.

The security of the business is only as strong and
effective as its weakest component. Gaining access into the company’s data
typically happens because there is more than one weak component in security.
Because of that, it is important to take a multilevel approach to ensure the
company has tightened up security as much is possible.

Taking Steps

So, exactly what can be done to prevent the theft of
crucial, confidential information? There are significant actions that can be
performed. They include:

Invest in
Full Protection – There are two specific ways a company can safeguard their
confidential information, either by doing it in-house, or outsourcing it to a third-party
managed service provider (MSP). The in-house IT department, or MSP, can utilize
hardware that is security-focused to automatically detect any intrusions on the
company network.

Manage
How Employees Use Computers – Most data security breaches are the result of
an employee’s unregulated action. Often unknowingly performed by the employee,
they will install software that is unauthorized, download harmful viruses, or
transmit their confidential work files to a mobile device or home computer.
Additionally, many employees do not follow strict company password generating
protocols (if they exist) and create extremely weak passwords that are easy to
decipher or guess.

Incorporate
Least Privilege Principle Policies – Not everyone in the company should be
granted privileges to confidential information if it serves no useful purpose
in doing their job. The MSP or IT department should continually review current
privileges to see which ones need to be revoked because they are no longer
necessary.

Encrypt
All Data – Because all business requirements are different, it is important
to choose the best encryption technology to fit the needs of the company. There
are numerous high-level encryption standards and effective algorithms available
to safeguard confidential data when it is in motion (being transmitted) or at
rest (in storage).

Monitor
All Database Activity – A managed service provider can perform real-time
auditing and monitoring to ensure that all company employees are following
security protocols, procedures and rules. The auditing allows the opportunity
to add additional, effective security layers to prevent exposure and pilfering
of crucial data from a cyber-attack.

Prevention is crucial to avoid a breach in the company’s data
security. The truth is that many companies never think about their information
being compromised, until it happens. Only then do they experience serious
consequences of a damaged reputation, which exposes them to profit crippling
lawsuits.

There are simple solutions that can minimize the
liability of a cyber-attack. It is important that every company understands
that it is not a set it and forget it problem. To remain effective, data
security must be continuously reviewed and audited, so the proper adjustments
can be made to make the system as secure as possible.

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